18 condominiums in East Orange to be sold in bulk at auction

A portfolio of 18 condominium residences in East Orange will be sold at an auction on March 26 by real estate firm Madison Hawk Partners LLC.

According to the release, the residences of the 15-story high-rise building located at 60 Parkway Drive East are the final unsold condominiums in the 183-unit building and will be sold in bulk at the close-out sale. The suggested open bid is $750,000.

The portfolio consists of one studio, 12 one-bedrooms and five two-bedroom units ranging from 428 to 1,310 square feet. Most of the homes in the building have sold at prices ranging from $129,000 to $250,000 and the portfolio will be offered at a significant discount and have a projected net operating income of $137,000 annually. A number of penthouse residences on the buildings top two floors are included in the portfolio.

The one-day only auction will be held at the Hilton Newark Airport, located at 1170 Spring Street in Elizabeth. Registration begins at 11:00 a.m. with the auction commencing at 12:00 p.m. The residences may be viewed for inspection on March 4, 11, 18 and 25, by appointment at 10:00 a.m., the release said.